Santiment Data Shows 5 Ethereum Tokens With Strong Address Activity

Santiment, a well-known blockchain analytics firm in crypto industry, is sharing their data of five Ethereum-based (ERC-20) assets that have recently shown strong address activity.

Santiment data is filtered from low-volume coins and only showing the top 200 cryptocurrencies on CoinMarketCap.

Santiment’s list starts with Axie Infinity’s Small Love Potion (SLP). SLP tokens are earned by users who play the blockchain-based game Axie Infinity and can be used to generate or breed new digital pets called ‘Axies’.

According to the analytics firm, SLP’s address activity could be a strong bullish signal given its divergence with price action:

“A spike in SLP address activity is very impressive. Its absolute value is overwhelming! [32,000] Ethereum addresses interacting with this coin daily. Creating [the] strongest bullish divergence with price dropping 10% last day.”

At time of writing, SLP is trading at $0.29, according to CoinMarketCap.

The second asset on Santiment’s list is Status (SNT). It is a mobile and desktop operating system with a decentralized browser featuring a messaging system. SNT allows users access to Ethereum-based decentralized applications (DApps).

SNT is another crypto asset with surging active addresses, according to Santiment data.

“Active addresses growing along with price. It’s a good sign. Nothing worrying here.”

Crypto lending platform Nexo is third on Santiment’s strong address activity list. Although Nexo’s address activity remains strong, the recent drop could possibly indicate that address activity has topped out for now, according to the analytics company.

“On one hand, we can see a nice bullish divergence between increasing address activity and relatively stagnant price. On another hand, active addresses could break their uptrend and drop from here.”

The fourth asset Santiment highlights is The Sandbox (SAND). It is a virtual world where users can mint, buy and sell virtual experiences, such as games, art or events. Spikes in SAND’s address activity have previously signaled a drop in price, Sanitment points out.

“What do we see here. Some sort of a pattern. 1) Address activity spikes once in few days. 2) Price tops before. If history repeats itself, current uptick is a sign of ongoing price correction.”

Fifth and last token on Santiment’s list is Decentraland (MANA), which allows its users to create, buy or monetize virtual reality applications. According to Santiment, MANA’s address activity appears to have hit a top for now, which might be a prelude to a correction.

“Addresses spike looking like [it’s] finished already. Perhaps looking like a top sign, according to its historical patterns. Price might be in danger.”

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